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Synthetic USD LIBOR for 6.409% preference shares
Synthetic USD LIBOR for 6.409% preference shares.
About this update from Standard Chartered Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (A) IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE \"UNITED STATES\" OR THE \"U.S.\") OR TO ANY \"U.S. PERSON\" AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE \"SECURITIES ACT\"), OTHER THAN A \"QUALIFIED INSTITUTIONAL BUYER\" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OR (B) IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.\n \nStandard Chartered PLC 19 June 2023\nSTANDARD CHARTERED PLC (a public limited company incorporated in England and Wales)\n\nAnnouncement on move to synthetic 3 month USD LIBOR for Standard Chartered PLC's 6.409% non-cumulative redeemable preference shares (the \"6.409% Preference Shares\")\nOn 4 January 2023, Standard Chartered PLC (the \"Company\") announced, amongst other things, that a special resolution that was proposed to amend the terms and provisions of the 6.409% Preference Shares, in order to transition the dividends from a three month U.S. dollar LIBOR rate to SOFR-based rate, had not passed and so would not be implemented.\nOn 3 April 2023[1], the Financial Conduct Authority (the \"FCA\") announced that it intends to use its powers under the UK Benchmarks Regulation[2] to designate certain LIBOR settings, including three month U.S. dollar LIBOR as \"Article 23A Benchmarks\" with effect from 1 July 2023 and consequently, that it intends to require that LIBOR's administrator continues the publication of these U.S. dollar-denominated LIBOR settings using a 'synthetic' methodology (\"Synthetic U.S. dollar LIBOR \") following the end of June 2023 for a transition period which is currently expected to end on 30 September 2024 (such period, as may be extended by the FCA, the \"Synthetic USD LIBOR Transition Period\"). The 6.409% Preference Shares are within the scope of the legacy instruments in respect of which Synthetic U.S. dollar LIBOR may apply. Should these proposals be implemented in accordance with the FCA announcements made to date, the rate of dividends payable on the...